SIA Urges Senate to Support Ex-Im Bank
April 21, 2017
The Satellite Industry Association (SIA) today announced it was encouraged by the President’s nominations to the board of the Export Import Bank of the United States (Ex-Im Bank) and urged the United States Senate to confirm the two nominees. The nominees, if confirmed, would restore a quorum to the board and permit the Bank to provide credit support for projects exceeding $10 million.
Although the Ex-Im Bank charter was reauthorized by lawmakers in December of 2015, for more than a year it has been virtually closed to the satellite industry as lawmakers have failed to fill the Bank’s vacant board seats and provide the means necessary for Ex-Im Bank to provide credit support for projects in excess of $10 million.
“SIA is encouraged by the recent board nominations to the Ex-Im Bank,” said Tom Stroup, President of SIA. “In the $17 billion global satellite manufacturing market, government-backed Export Credit Agencies provide foreign manufacturers with financing tools and a competitive advantage when competing with U.S. companies. Ex-Im Bank, can eliminate that financing advantage, level the playing field and permit American satellite manufactures to further solidify their leadership position in global market sales and innovation. SIA strongly urges the Senate to take the confirmation actions needed to fully restore the financing capabilities of the Bank.”
April 21, 2017
The Satellite Industry Association (SIA) today announced it was encouraged by the President’s nominations to the board of the Export Import Bank of the United States (Ex-Im Bank) and urged the United States Senate to confirm the two nominees. The nominees, if confirmed, would restore a quorum to the board and permit the Bank to provide credit support for projects exceeding $10 million.
Although the Ex-Im Bank charter was reauthorized by lawmakers in December of 2015, for more than a year it has been virtually closed to the satellite industry as lawmakers have failed to fill the Bank’s vacant board seats and provide the means necessary for Ex-Im Bank to provide credit support for projects in excess of $10 million.
“SIA is encouraged by the recent board nominations to the Ex-Im Bank,” said Tom Stroup, President of SIA. “In the $17 billion global satellite manufacturing market, government-backed Export Credit Agencies provide foreign manufacturers with financing tools and a competitive advantage when competing with U.S. companies. Ex-Im Bank, can eliminate that financing advantage, level the playing field and permit American satellite manufactures to further solidify their leadership position in global market sales and innovation. SIA strongly urges the Senate to take the confirmation actions needed to fully restore the financing capabilities of the Bank.”